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Wilton Board of Finance Information Sessions

Wilton Board of Finance Information Sessions. December 9 th and 16 th Wilton Library. Board of Selectmen: Police 7,002 Fire 4,375 Public Works 3,537 Library 2,365 Finance/Info Sys 2,039 Parks, Rec & Grounds 1,647 Land Use 1,610 Benefits/Insurance 1,247 Human Resources 918

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Wilton Board of Finance Information Sessions

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  1. Wilton Board of FinanceInformation Sessions December 9th and 16th Wilton Library

  2. Board of Selectmen: Police 7,002 Fire 4,375 Public Works 3,537 Library 2,365 Finance/Info Sys 2,039 Parks, Rec & Grounds 1,647 Land Use 1,610 Benefits/Insurance 1,247 Human Resources 918 Nursing & Home Care 896 All Other 1,887 Total Operating 27,523 Selectmen Capital 1,331 Total Selectmen 28,854 Board of Education 70,291 Debt Service 8,473 Charter Authority 1,076 Revenue: State Grants-BOE 2422 State Grants-BOS 868 Permits, Lic.& Fees 1,027 Other 1,196 Total Revenue 5,513 Operating Budget 103,181 Fund Balance 2,891 Tax Relief 850 Property Taxes Req’d 101,140 THE BUDGET IS COMPRISED OF MANY COMPONENTS(IN 000’s)

  3. HOW IS THE MILL RATE CALCULATED? Mill Rate = Property Taxes Req’d Taxable Grand List X 1000

  4. WHAT ARE THE THREE YEAR PROJECTIONS? They are forecasts, using the best information at the time, as to what the mill rate will be under certain scenarios They are NOT approved budgets

  5. HOW WERE THE PROJECTIONS PREPARED? FIRST--BOF indentified 3% as the targeted mill rate increases NEXT--After discussions with many individuals at both the Town and State level estimates were developed for all components other than BOE and BOS. Information provided by: Sandy Dennies, Town CFO, Ken Post, BOE CFO, David Lisowski, Assessor, Robert Nerney, Planning and Zoning, Rachael Matthews, Building Department, Toni Boucher, State Senator and Peggy Reeves, State Representative. NEXT--BOS and BOE amounts were "backed into" to achieve the targeted 3% increases

  6. HOW WERE THE 3% RATES DETERMINED? • They reflect the midpoint of the rates proposed by the BOF members. Some members proposed higher rates, some lower. • Members proposed rates based on a number of factors including: What they felt taxpayers could tolerate considering the economic climate and Wilton's 6% unemployment rate. What they felt was appropriate to keep Wilton real estate competitive with surrounding towns. The current year average increase for area towns was 2.58%. Wilton was 2.94%.

  7. TOWN OF WILTONMILL RATE PROJECTIONS-2012 TO 2014AS OF OCTOBER 2010REGIONAL MILL RATE INCREASES-2011

  8. TOWN OF WILTONMILL RATE PROJECTIONS-2012 TO 2014AS OF OCTOBERBORDER TOWNS-THREE YEAR AVERAGE INCREASE

  9. WHAT ARE THE ASSUMPTIONS DRIVING THE PROJECTIONS? • GRAND LIST GROWTH will be a fraction of historical levels • REVENUES from the State will decrease, no growth in other revenues other than interest income • CHARTER AUTHORITY, all or a significant portion, will be required to fund current year expenditures rather than being used to reduce the next year’s tax, as has occurred in the past • THE FUND BALANCE in 2012 will be 10%. Reserves will no longer be available to reduce taxes

  10. Town of WiltonMill Rate Projections-2012 to 2014as of October 2010GRAND LIST GROWTHRevaluation Years Normalized

  11. PROJECTED INCREASE BY YEAR (in 000’s) 201220132014 Grand List Growth .35 .50 .35 BOE 563 1,771 2,542 BOS 231 727 1,043 Debt Service809 56 89 Revenues (197) 69 (30) Tax Relief 25 26 117 Fund Balance (1,782) (1,149) 227 Mill Rate 3.014% 3.004% 2.987%

  12. PROJECTED INCREASE BY YEAR (in 000”s)201220132014 Grand List Growth .35 .5 .35 BOE .8% 2.5% 3.5% BOS .8% 2.5% 3.5% Debt Service 9.6% .6% .95% Revenues (3.6%) 1.2% (.56%) Tax Relief 3.0% 3.0% 346.3% Fund Balance (38.4%) (103.0%) 227.4% Mill Rate 3.014% 3.004% 2.987%

  13. WHAT ARE SOME OF THE CHOICES AVAILABLE TO IMPACT THE MILL RATE? SHORT TERM: • Increase Revenues by increasing existing fees or adopting new fees • Accept reduced services LONG TERM: • Lobby Hartford and Washington to reduce unfunded mandates • Develop more cost effective ways to deliver services • Defer Capital Projects • Explore ways to expand the commercial tax base

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